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Archive for January, 2011

Homeowners Liability Insurance and Its Advantages

Saturday, January 15th, 2011

In the society we live in people recur to lawsuits very often. Whenever the opportunity of receiving money from somebody occurs, a lawsuit is being intended. Under such circumstances, liability insurance becomes very important because it pays for potential expenses resulted from being sued. Homeowners insurance used to only cover for the property itself and the belonging in it in case they got damaged or destroyed.

Homeowners are responsible for the safety of whoever happens to be on their property. They are liable in case an accident happens and someone gets injured on their property. This is where homeowners liability insurance comes in. This is useful even before the building is actually done because the owner is also liable for any accident that might take place while the house is being built. Even though it might sound unbelievable, as homeowner, you are also responsible for the safety of trespassers.

Homeowners liability insurance can cover for personal or medical expenses. The first type will protect you in case someone who was injured or who had personal property destroyed on your property sues you. It will cover for the money you spend on your defense, if it comes to this. The second type of homeowners liability insurance, the medical one, will pay for the medical expenses of the person who got injured on your property. This usually includes everything from hospitalization days to treatments and medical investigations.

Those looking for homeowners liability insurance should also check the companies which offer “umbrella” liability insurance. This offers extra coverage than basic liability insurance policies and provides you more protection. Don’t dismiss it because you think it’s expensive, because you can buy it at very good rates.

When you sign these policies, you don’t determine the type of coverage that you need by taking into consideration the value of your property and assets. This is of no importance because the amount of money that you will owe is going to be established in court, by a judge, and you have to pay it even if it’s more than the value of your belongings.